MIRA INFORM REPORT

Report Date :

01.10.2014

IDENTIFICATION DETAILS

Name :	GLOBAL AUTOTECH LIMITED
Registered Office :	83 LGF World Trade Centre, Barakhamba Lane, New Delhi – 110001, Delhi
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	20.05.2003
Com. Reg. No.:	55-120424
Capital Investment / Paid-up Capital :	Rs. 200.000 Millions
CIN No.: [Company Identification No.]	U34300DL2003PLC120424
PAN No.: [Permanent Account No.]	AACCG0911B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturers Aluminium machined Die-cast Components through Squeeze and High Pressure Die Casting.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 1700000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. There is dip in the profit of the company during 2013. However, general financial position of the company seems to be decent. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

N E W S

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating = BBB-
Rating Explanation	Have Moderate degree of Safety and Carry Moderate Credit Risk
Date	22.10.2013

Rating Agency Name	CRISIL
Rating	Short Term Rating = A3
Rating Explanation	Have Moderate degree of Safety and Carry Higher Credit Risk.
Date	22.10.2013

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

INFORMATION DENIED BY

Name :	Mr. Atul Gupta
Designation :	Chief Executive Officer
Contact No.:	91-120-4141800
Date :	29.09.2014

LOCATIONS

Registered Office :	83 LGF World Trade Centre, Barakhamba Lane, New Delhi – 110001, Delhi, India
Tel. No.:	91-11-23414946/49
Fax No.:	Not Available
E-Mail :	vikas.sabharwal@subros.com
Website :	http://www.globalauto.co.in
Plant Office I :	6F, Sector 40-41, Greater Noida – 201308, Uttar Pradesh, India
Tel. No.:	91-120-2341617-20
Fax No.:	91-120-2341619
Plant Office II :	3D, Udyog Vihar, Ecotech II, Greater Noida – 201306, Uttar Pradesh, India
Tel. No.:	91-120-4141800 / 4141899
Fax No.:	91-120-4141816
Website :	www.globalauto.co.in

DIRECTORS

As on 05.09.2013

Name :

Mr. Ramesh Suri

Designation :

Director

Address :

N-119, Panchsheel Park, New Delhi – 110017, Delhi, India

Date of Birth/Age :

12.12.1939

Date of Appointment :

20.07.2005

DIN No.:

00176488

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L74899DL1981PLC011274	BHARAT HOTELS LIMITED	Director	22/01/1981	22/01/1981	-	Active	NO
2	U74899DL1985PLC020134	SUBROS LIMITED	Whole-time director	20/09/2010	14/02/1985	-	Active	NO
3	U74899DL1985ULT020685	S.H.S. TRANSPORT PRIVATE LIMITED	Director	15/04/1985	15/04/1985	-	Active	NO
4	U74899DL1987PTC028123	SPECIAL PROTECTION SERVICES PRIVATE LIMITED	Director	26/02/1988	26/02/1988	-	Active	NO
5	U74899DL1988PLC030957	ROHAN MOTORS LIMITED	Director	01/04/2013	06/05/1988	-	Active	NO
6	U65921DL1991PTC045994	TEMPO FINANCE (NORTH ) PRIVATE LIMITED	Director	11/10/1991	11/10/1991	-	Active	NO
7	U74899DL1994PTC060999	MERCANTILE CAPITALS AND FINANCIAL SERVICES PRIVATE LIMITED	Director	22/08/1994	22/08/1994	-	Active	NO
8	U74899DL1995PLC066700	PRIMA TELECOM LIMITED	Director	24/03/1995	24/03/1995	-	Active	NO
9	U74899DL1995PLC066703	PRIME CELLULAR LIMITED	Director	24/03/1995	24/03/1995	-	Active	NO
10	U55101JK1964PLC000286	JYOTI LIMITED	Director	17/01/1998	17/01/1998	-	Active	NO
11	U50404WB1985PTC038903	SAWALKA AUTOTECH PRIVATE LIMITED	Director	17/05/1998	17/05/1998	-	Strike off	NO
12	U34300DL1998PTC094530	SAWALKA AUTOTECH PRIVATE LIMITED	Director	16/06/1998	16/06/1998	-	Active	NO
13	U74899DL1983PTC017127	R R HOLDINGS PRIVATE LIMITED	Director	27/08/1998	27/08/1998	-	Active	NO
14	U70101DL1986PTC025586	R.R. HOLDINGS PRIVATE LIMITED	Director	27/08/1998	27/08/1998	-	Under Process of Striking off	NO
15	U74899DL1975PTC007775	HEMKUNT SERVICE STATION PRIVATE LIMITED	Director	05/09/1998	05/09/1998	-	Active	NO
16	U74899DL1998PTC071981	TEMPO AUTOMOBILES PRIVATE LIMITED	Director	23/10/1998	23/10/1998	-	Active	NO
17	U55101DL2001PLC112153	UDAIPUR HOTELS LIMITED	Director	26/02/2002	26/02/2002	-	Amalgamated	NO
18	U55101DL2001PLC112164	KHAJURAHO HOTELS LIMITED	Director	07/08/2002	07/08/2002	-	Amalgamated	NO
19	U74899DL1989PTC038256	BEE PEE MOTORS PRIVATE LIMITED	Director	05/12/2002	05/12/2002	-	Active	NO
20	U34300DL2003PLC120424	GLOBAL AUTOTECH LIMITED	Director	20/07/2005	20/07/2005	-	Active	NO
21	U50300DL2005PTC139385	ROHAN AUTO SALES PRIVATE LIMITED	Director	05/08/2005	05/08/2005	-	Active	NO
22	U74899DL1994PLC063318	FIBCOM INDIA LIMITED	Director	08/09/2005	08/09/2005	-	Active	NO
23	U01121DL2005PLC140879	PREMIUM FARM FRESH PRODUCE LIMITED	Director	16/09/2005	16/09/2005	-	Active	NO
24	U36999WB2004PLC097656	APOLLO ZIPPER INDIA LIMITED	Director	30/11/2005	30/11/2005	-	Active	NO
25	U27104PB1972PTC003140	TERIOT STEELS PRIVATE LIMITED	Director	20/06/2006	20/06/2006	-	Active	NO
26	U99999DL1959PLC176013	AUTOMOTIVE COMPONENT MANUFACTURERS ASSOCIATION OF INDIA	Director	08/09/2006	08/09/2006	-	Active	NO
27	U65910DL1983PLC015912	DEEKSHA HOLDING LIMITED	Director	29/09/2007	16/10/2006	-	Active	NO
28	U74899DL1988PTC031773	RESPONSIBLE BUILDERS PRIVATE LIMITED	Director	24/08/2007	16/10/2006	-	Active	NO
29	U67120DL1983PTC017257	JYOTSNA HOLDINGS PRIVATE LIMITED	Director	24/08/2007	16/10/2006	-	Active	NO
30	L52110DL1987PLC029757	PREMIUM EXPORTS LIMITED	Director	24/08/2007	16/10/2006	-	Active	NO
31	L29113DL1984PLC018415	SONA KOYO STEERING SYSTEMS LIMITED	Director	18/07/2008	23/10/2006	-	Active	NO
32	U74899DL1994PLC063915	AUTOTECH ANCILLARIES LIMITED	Director	02/07/2007	02/07/2007	31/07/2007	Active	NO
33	U50404CH1991PTC011061	ANBROS MOTORS PRIVATE LIMITED	Director	29/09/2007	09/07/2007	-	Active	NO
34	U91990DL1956PLC001601	CHELMSFORD CLUB LIMITED	Director	26/09/2007	26/09/2007	-	Active	NO
35	U74899DL1990PTC039461	TRISHUL LEASING PRIVATE LIMITED	Director	03/03/2008	03/03/2008	-	Active	NO
36	U74140DL2004NPL130324	FEDERATION OF AUTOMOBILE DEALERS ASSOCIATIONS TFR.FROM MUMBAI TO DELHI	Director	08/09/2011	08/09/2011	05/10/2012	Active	NO

Name :

Ms. Ritu Suri

Designation :

Director

Address :

E-7 Panchsheel Park, New Delhi – 110017, Delhi, India

Date of Birth/Age :

21.02.1944

Date of Appointment :

20.05.2003

DIN No.:

00177111

Other directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1988PLC030957	ROHAN MOTORS LIMITED	Whole-time director	05/05/2007	01/10/1988	-	Active	NO
2	U74899DL1975PTC007775	HEMKUNT SERVICE STATION PRIVATE LIMITED	Director	13/02/1991	13/02/1991	-	Active	NO
3	U50404WB1985PTC038903	SAWALKA AUTOTECH PRIVATE LIMITED	Director	17/05/1998	17/05/1998	-	Strike off	NO
4	U34300DL1998PTC094530	SAWALKA AUTOTECH PRIVATE LIMITED	Director	16/06/1998	16/06/1998	-	Active	NO
5	U74899DL1983PTC017127	R R HOLDINGS PRIVATE LIMITED	Director	27/08/1998	27/08/1998	-	Active	NO
6	U70101DL1986PTC025586	R.R. HOLDINGS PRIVATE LIMITED	Director	27/08/1998	27/08/1998	-	Under Process of Striking off	NO
7	U34300DL2003PLC120424	GLOBAL AUTOTECH LIMITED	Director	20/05/2003	20/05/2003	-	Active	NO
8	U74899DL1985ULT020685	S.H.S. TRANSPORT PRIVATE LIMITED	Director	20/08/2003	20/08/2003	-	Active	NO
9	U74899DL1998PTC071981	TEMPO AUTOMOBILES PRIVATE LIMITED	Director	30/10/2003	30/10/2003	-	Active	NO
10	U50300DL2005PTC139385	ROHAN AUTO SALES PRIVATE LIMITED	Director	05/08/2005	05/08/2005	-	Active	NO
11	U27104PB1972PTC003140	TERIOT STEELS PRIVATE LIMITED	Director	20/06/2006	20/06/2006	-	Active	NO
12	U74899DL1989PTC038256	BEE PEE MOTORS PRIVATE LIMITED	Director	04/12/2006	04/12/2006	-	Active	NO
13	U70100DL2010PTC205523	PIA INFRASTRUCTURE PRIVATE LIMITED	Director	08/07/2010	08/07/2010	-	Active	NO

Name :

Ms. Divya Suri Singh

Designation :

Director

Address :

N-119 Panchsheel Park, New Delhi – 110017, Delhi, India

Date of Birth/Age :

16.07.1974

Date of Appointment :

25.10.2003

DIN No.:

00004559

Other directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U65910DL1983PLC015912	DEEKSHA HOLDING LIMITED	Director	29/09/2010	17/04/1993	-	Active	NO
2	U34300DL2003PLC120424	GLOBAL AUTOTECH LIMITED	Director	25/10/2003	25/10/2003	-	Active	NO
3	U55101DL2001PLC112164	KHAJURAHO HOTELS LIMITED	Director	23/08/2007	16/10/2006	-	Amalgamated	NO
4	U74999DL2003PLC122354	DEEKSHA HUMAN RESOURCE INITIATIVES LIMITED	Director	24/08/2007	16/10/2006	-	Active	NO
5	U01121DL2005PLC140879	PREMIUM FARM FRESH PRODUCE LIMITED	Director	25/08/2009	16/10/2006	-	Active	NO
6	U55101JK1964PLC000286	JYOTI LIMITED	Director	20/08/2007	16/10/2006	-	Active	NO
7	U70101DL2006PTC148864	PRIMA REALTORS PRIVATE LIMITED	Director	29/09/2007	16/10/2006	-	Active	NO
8	U70109DL2006PTC149732	PRIMA BUILDWELL PRIVATE LIMITED	Director	23/08/2007	16/10/2006	-	Active	NO
9	U55101DL2001PLC112153	UDAIPUR HOTELS LIMITED	Director	23/08/2007	16/10/2006	-	Amalgamated	NO
10	U74899DL1995PLC066703	PRIME CELLULAR LIMITED	Director	17/09/2008	15/10/2007	-	Active	NO
11	L74899DL1981PLC011274	BHARAT HOTELS LIMITED	Whole-time director	01/07/2011	26/08/2009	-	Active	NO
12	U74899DL1987PTC028123	SPECIAL PROTECTION SERVICES PRIVATE LIMITED	Director	18/08/2010	19/01/2010	-	Active	NO
13	L52110DL1987PLC029757	PREMIUM EXPORTS LIMITED	Director	18/08/2010	19/01/2010	-	Active	NO
14	U74899DL1988PTC031773	RESPONSIBLE BUILDERS PRIVATE LIMITED	Director	18/08/2010	19/01/2010	-	Active	NO
15	U67120DL1983PTC017257	JYOTSNA HOLDINGS PRIVATE LIMITED	Director	18/08/2010	19/01/2010	-	Active	NO

Name :

Mr. Narinder Kumar Batra

Designation :

Director

Address :

W – 11, Greater Kaillash Part – II, New Delhi – 110048, Delhi, India

Date of Birth/Age :

19.04.1957

Date of Appointment :

01.05.2004

DIN No.:

00713037

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1978PTC009316	WELLWORTH AGENCIES PRIVATE LIMITED	Director	31/12/1988	31/12/1988	-	Active	NO
2	U34101DL1986PTC023895	KRISHNA AUTOMOBILES PRIVATE LIMITED	Director	19/10/1989	19/10/1989	-	Active	NO
3	U74899DL1986PTC023908	BATRA WORLDWIDE PRIVATE LIMITED	Director	15/01/1992	15/01/1992	-	Active	NO
4	U65999DL1985PTC020780	GALLANT LEASING AND FINANCIAL SERVICES PRIVATE LIMITED	Director	15/02/1997	15/02/1997	-	Active	NO
5	U92411DL1909PLC000407	THE DELHI AND DISTRICT CRICKET ASSOCIATION LIMITED	Director	18/06/2001	18/06/2001	30/12/2013	Active	NO
6	U74899DL1978PTC009097	SUPER PARTS PRIVATE LIMITED	Director	16/08/2003	16/08/2003	-	Active	NO
7	U74899DL1984PTC019360	BATRA BROS PRIVATE LIMITED	Director	15/03/2004	15/03/2004	-	Active	NO
8	U34300DL2003PLC120424	GLOBAL AUTOTECH LIMITED	Director	01/05/2004	01/05/2004	-	Active	NO
9	U74899DL1994PLC063915	AUTOTECH ANCILLARIES LIMITED	Director	22/04/2005	22/04/2005	-	Active	NO
10	U74140DL2004NPL130324	FEDERATION OF AUTOMOBILE DEALERS ASSOCIATIONS TFR.FROM MUMBAI TO DELHI	Director	19/09/2006	19/09/2006	05/10/2012	Active	NO
11	U36999WB2004PLC097656	APOLLO ZIPPER INDIA LIMITED	Director	22/08/2007	20/12/2006	-	Active	NO
12	U15531DL1978PTC162150	SUPERFLAME APPLIANCES PRIVATE LIMITED.	Director	04/10/2007	04/10/2007	20/04/2009	Active	NO
13	U80200DL2007PTC170407	BWI EDUCON VENTURES PRIVATE LIMITED	Director	14/11/2007	14/11/2007	-	Active	NO

Name :

Mr. Mohinder Kumar Puri

Designation :

Whole Time director

Address :

14, 1^st Floor Kailash Hills, East Of Kailash, Delhi – 110065, Delhi, India

Date of Birth/Age :

21.08.1946

Date of Appointment :

01.10.2009

DIN No.:

02535628

Name :

Mr. Virender Kumar Chanana

Designation :

Director

Address :

D – 79, Gulmohar Park, New Delhi – 110049, Delhi, India

Date of Birth/Age :

24.02.1939

Date of Appointment :

22.09.2010

DIN No.:

00069599

Other directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1993PTC054951	SUNVISORS (INDIA) PRIVATE LIMITED	Director	01/08/1996	01/08/1996	-	Active	NO
2	U74899DL1993PTC056536	AMIRA PURE FOODS PRIVATE LIMITED	Director	04/01/1997	04/01/1997	27/11/2010	Active	NO
3	L27100MH1999PLC121285	MAHINDRA CIE AUTOMOTIVE LIMITED	Director	19/05/2006	28/04/2006	04/10/2013	Active	NO
4	L52110DL1986PLC025118	JAY USHIN LIMITED	Director	29/09/2007	24/04/2007	30/09/2013	Active	NO
5	U74140DL2008PTC180748	MDS ASSOCIATES PRIVATE LIMITED	Director	10/07/2008	10/07/2008	01/12/2012	Strike off	NO
6	U34300DL2003PLC120424	GLOBAL AUTOTECH LIMITED	Director	22/09/2010	01/10/2009	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Atul Gupta
Designation :	Secretary
Address :	House No. 139, Sector 44A, Chandigarh – 160044, Haryana, India
Date of Appointment :	22.12.2012
PAN No. :	ADFPG4380B

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 05.09.2013

Names of Shareholders	No. of Shares
Ritu Suri	1200000
Mercantile Capital and Financial Services Private Limited	9350000
Jyotsna Suri	2399000
Jyotsna Holding Private Limited	1000
Ramesh Suri	1350000
R R Holding Private Limited	400000
Ramesh Suri HUF	200000
Deeksha Holding Limited	2600000
Cold Form Engineering Private Limited	2500000
Total	20000000

As on 05.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	74.00
Directors or relatives of Directors	26.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers Aluminium machined Die-cast Components through Squeeze and High Pressure Die Casting.

Products :

PRODUCT DESCRIPTION	ITC NO.
Parts and Accessories of the motor vehicles of headings 8701 to 8705	8708
Auto Components	87082900

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

· Canara Bank, Prime Corporate Branch-Connaught Place, 2^nd Floor, World Trade Tower, Barakhamba Lane, New Delhi – 110001, Delhi, India

· ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda – 390015, Gujarat, India

· Yes Bank Limited, 9^th floor, Nehru Centre, Discovery of India, Dr, Annie Besant Road, Worli, Mumbai – 400018, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWING
Rupee term loan from banks	264.431	113.016
SHORT TERM BORROWING
Working Capital loan from banks	367.783	226.157
Total	632.214	339.173

Banking Relations :	---
Auditors :
Name :	V.K. Dhingra and company Chartered Accountant
Address :	1-E/15 Jhandewalan Extension, New Delhi, India
PAN No.:	AAAFV7051N
Related Parties :	Mercantile Capital and Financial Services Private Limited CIN No. (U74899DL1994PTC060999)

CAPITAL STRUCTURE

As on 05.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs.10/- each	Rs. 200.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs.10/- each	Rs. 200.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	200.000	200.000	200.000
(b) Reserves & Surplus	230.795	202.998	161.162
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	430.795	402.998	361.162
(3) Non-Current Liabilities
(a) long-term borrowings	470.248	309.114	481.574
(b) Deferred tax liabilities (Net)	59.115	62.551	70.992
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	10.862	8.762	7.569
Total Non-current Liabilities (3)	540.225	380.427	560.135
(4) Current Liabilities
(a) Short term borrowings	392.050	251.473	119.281
(b) Trade payables	219.566	180.276	219.996
(c) Other current liabilities	100.997	194.882	245.325
(d) Short-term provisions	16.394	16.339	19.774
Total Current Liabilities (4)	729.007	642.970	604.376
TOTAL	1700.027	1426.395	1525.673
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	942.270	920.600	976.228
(ii) Intangible Assets	3.112	5.366	9.652
(iii) Capital work-in-progress	13.053	6.678	5.529
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	175.547	53.832	53.219
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1133.982	986.476	1044.628
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	175.538	174.000	133.827
(c) Trade receivables	328.532	208.531	221.353
(d) Cash and cash equivalents	15.239	14.738	57.735
(e) Short-term loans and advances	40.359	36.539	59.529
(f) Other current assets	6.377	6.111	8.601
Total Current Assets	566.045	439.919	481.045
TOTAL	1700.027	1426.395	1525.673

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	1542.300	1529.105	1670.049
		Other Income	19.494	6.886	5.531
		TOTAL (A)	1561.794	1535.991	1675.580
Less	EXPENSES
		Cost of Materials Consumed	738.575	735.974	778.767
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(11.429)	(21.928)	(4.544)
		Employees benefits expense	218.140	208.005	183.400
		Other expenses	350.985	330.398	384.556
		Prior period item			-0.040
		TOTAL (B)	1296.271	1252.449	1342.139
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		265.523	283.542	333.441
Less	FINANCIAL EXPENSES (D)		83.422	83.099	74.545
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		182.101	200.443	258.896
Less/ Add	DEPRECIATION/ AMORTISATION (F)		123.368	120.269	106.572
	PROFIT BEFORE TAX (E-F) (G)		58.733	80.174	152.324
Less	TAX (H)		19.314	26.716	36.428
	PROFIT AFTER TAX (G-H) (I)		39.419	53.458	115.896
Less	APPROPRIATIONS
		Transfer to General Reserve	20.000	20.000	100.000
		Dividend	10.000	10.000	10.000
		Tax on Dividend	1.622	1.622	1.622
		Total	31.622	31.622	111.622
	Earnings Per Share (Rs.)		1.97	2.67	5.79

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	2.52	3.48	6.92
Net Profit Margin (PBT/Sales)	(%)	3.81	5.24	9.12
Return on Total Assets (PBT/Total Assets}	(%)	3.48	5.65	10.02
Return on Investment (ROI) (PBT/Networth)		0.14	0.20	0.42
Debt Equity Ratio (Total Debt /Networth)		2.00	1.39	1.66
Current Ratio (Current Asset/Current Liability)		0.78	0.68	0.80

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	200.000	200.000	200.000
Reserves & Surplus	161.162	202.998	230.795
Net worth	361.162	402.998	430.795
long-term borrowings	481.574	309.114	470.248
Short term borrowings	119.281	251.473	392.050
Total borrowings	600.855	560.587	862.298
Debt/Equity ratio	1.664	1.391	2.002

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1670.049	1529.105	1542.300
		(8.440)	0.863

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1670.049	1529.105	1542.300
Profit	115.896	53.458	39.419
	6.94%	3.50%	2.56%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	----------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOAN

(Rs. In Millions)

	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWING
Deposits	205.817	196.097
SHORT TERM BORROWING
Other Loan and Advances	24.267	25.316
Total	230.084	221.413

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10360750	06/06/2012	200,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA	B41678046
2	10360765	06/06/2012	400,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA	B41684895
3	10339777	01/05/2012 *	100,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,, DR. ANNIE BESANT ROAD, WORLI,, MUMBAI, Maharashtra - 400018, INDIA	B40374928
4	10339342	01/05/2012 *	200,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,, DR. ANNIE BESANT ROAD, WORLI,, MUMBAI, Maharashtra - 400018, INDIA	B40375677
5	10005647	04/08/2014 *	1,090,000,000.00	Canara Bank	Prime Corporate Br. Connaught Place, 2nd Floor,, World Trade Tower, Barakhamba Lane,, New Delhi, Delhi - 110001, INDIA	C15151392
6	10018829	04/08/2014 *	1,090,000,000.00	Canara Bank	Prime Corporate Br. Connaught Place, 2nd Floor,, World Trade Tower, Barakhamba Lane,, New Delhi, Delhi - 110001, INDIA	C15151996
7	90051280	04/08/2014 *	290,000,000.00	Canara Bank	Prime Corporate Br. - Connaught Place, 2nd Floor,, World Trade Tower, Barakhamba Lane,, New Delhi, Delhi - 110001, INDIA	C15614548

* Date of charge modification

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.43
UK Pound	1	Rs.99.73
Euro	1	Rs.77.93

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	RSM
Report Prepared by :	ART

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.